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In our third debate, let's talk about closing periods in "industry." Many times you find that companies will close a month within 5-7 business days (that's standard). As you are learning, job costing is really important. What happens if we find out information on a project after a period is closed? Project A had revenues of $100,000 and costs of $50,000, and when the period closed, the project had a $50,000 net profit. Normal projects net 18%. Before the end of the period, you, as controller, sent out the project breakdowns to the project managers. These project managers review the current status of the jobs and tell the accountant whether they should accrue extra revenues or expenses. No one got to the accounting team before the month had to be closed. Two months later, when $30,000 in accounts payable invoices come in against a closed job, you get a call from your CFO asking what happened. What do you tell him or her? Do you post back to a prior period to fix this